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Shares of cryptocurrency exchange Coinbase face extreme volatility after the “Super Bowl” announcements

Shares of cryptocurrency exchange Coinbase face extreme volatility after the “Super Bowl” announcements

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Answer Shares of cryptocurrency exchange Coinbase face extreme volatility after the “Super Bowl” announcements

Cryptocurrency exchange Coinbase witnessed a sharp rise in its stock prices as markets opened on Monday, after bringing millions of viewers of advertisements in the Superbowl tournament to the platform’s website on Sunday.

Coinbase traded 5% lower on the Nasdaq over the weekend.

After that, the company’s shares returned to rise and then fall, as the stock is currently trading at a price of less than $200 at about $195.

The fluctuation in the share price of Coinbase comes after the successful advertising campaign that the company published in the “Superbowl” tournament, where it competed with other ads for competing crypto companies such as “Crypto.com” and “FTX”.

Read:Seven Reasons Putting Ethereum on the Way to Hacking $10,000!

The Super Bowl is the annual championship game of the National Football League that is played in early February of each year.

This is the crowning match for the regular season, which begins in the late summer of the preceding year.

Coinbase announced that anyone who joins the platform before February 15th will receive $15 worth of bitcoin for free.

While cryptocurrency exchange FTX has allocated $7.5 million to just 4 lucky winners.

Figures prove that the incentives offered are very effective in recruiting users.

Coinbase got 20 million hits to its registration page within just one minute after the ad aired, causing the company’s website to go down for a while.

Read:Bitcoin plunge causes Binance to spend $13 million from user money insurance fund

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